Long-term care (LTC) insurance covers the cost of services for people with a chronic illness or disability who cannot care for themselves. Over the years, I’ve received many questions about LTC; let’s review some of those questions:

Whydoes LTC insurance matter to me?

LTC insurance covers the cost of caring for someone who is unable to perform certain basic, daily activities. Since we live longer, there is over a 50 percent chance that we may need it.

When should I get it?

Get it as soon as you can afford it – LTC insurance will cost more as you get older. Statistics show that 40 percent of people receiving long term care are between the ages of 18 and 64. More often, younger people are seeking protection for ailments like strokes, Parkinson’s disease, cancer, multiple sclerosis and debilitating accidents.How much will LTC cost?

When you can’t take care of yourself, the bills can add up real quick. Having someone to care for you in your home or going into assisted living can become very expensive. According to the Genworth’s survey for the Denver area, full time custodial care will cost you an average of $49,000 per year or a whapping $86,000 if you choose to go into a nursing home with a private room. At this level, it won’t take long to deplete your lifetime savings.

What if I can’t afford it?

You can shop quotes online at www.LTCQ.net. Better yet, ask an LTC specialist to help you customize coverage to fit your budget. Some protection is better than none.

If you wish to remain independent and protect your assets, you should seriously consider long-term care coverage.

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